Sebi bars 5 cos from trading

 
The five firms affected by the order are: Indo American Credit Corporation, Kenal Oil & Export Industries, Kolar Biotech, Motorol Enterprise and Panjwani Packaging.

“In the matter of non-redressal of investor grievances by the... five companies and their directors... Sebi has passed orders dated December 15, 2010 restraining them from accessing the securities market and prohibit them from buying, selling or otherwise dealing in securities, directly or indirectly, till all the pending investor grievances against the companies are resolved,” Sebi said. Sebi had received complaints against  Indo American Credit Corporation and a total of 85 investor grievances were pending against it as on September 24, 2008, related to various issues.

The company was charged with having failed to resolve the pending investor grievances and failure to provide any response to Sebi’s queries. In the case of Kenal Oil & Export Industries, 64 investor complaints were pending against it and the company had failed to file an Action Taken Report .